The EURUSD has currently stabilized above the 1.1146 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control the price.
The price, since the 19th of September 2016, has been oscillating within a downside formation between the range of 1.1198 and 1.1165 respectively.
Probable Scenario
The latest formation close to the 1.1146 level is a good indication that the sellers may take control over the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.1114 Fibonacci’s 161.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 20 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair stabilizes above the 1.1165 area, the price could rise to 1.1198 Fibonacci’s 0.0%.
Today’s Major Announcements
- Germany’s Producer Price Index (MoM) (Aug) and the Producer Price Index (MoM) (Aug) announcements will likely have a medium impact on the euro
- The Building Permits (MoM) (Aug) and the Housing Starts (MoM) (Aug) releases are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bearish): 1.1146
- Bearish take profit target: 1.1114
- Stop loss target: 1.1165
- Alternative trend (Bullish): 1.1165
- Bullish take profit target: 1.1198